SB Energy’s delayed IPO timeline has driven overwhelming trader consensus toward no listing before January 2027. The SoftBank-controlled developer filed its S-1 in early September 2026 targeting a $5–7 billion raise to fund its 8.5 GW Ohio data center campus for OpenAI, yet investor pushback on a roughly $60 billion valuation—amid just $139 million in first-half revenue and heavy dependence on future lease payments—prompted a pause. Cooling appetite for AI infrastructure offerings, highlighted by Firmus’s withdrawal, led the company in late October to weigh a December debut or further delay while monitoring Anthropic’s November performance as a market test. With the Ohio project’s phased operations not beginning until 2028 and substantial additional financing still required, the current market-implied odds reflect these execution and sentiment hurdles rather than any confirmed resolution.